GO GET YOUR DREAM!

July 11, 2012

Go get your dream. Hunt it down! If need be, start today, or start over today. The rules have changed. You can be any age when you start up. The user doesn’t care about how old you are… they only care about the value you add. The company that will dominate an area, a niche, an industry, in 2 years time, may not have opened their doors yet. Is that YOU?

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YOUR ECONOMIC VALUE..

July 9, 2012

Your economic value is found in your ability to differentiate your offering, not in your ability to mimic your competitors! Which one is YOU? Cherie Eilertsen Struthers

NO MORE BLAMING OTHERS

July 7, 2012

Take responsibility for your own success, your opportunity & your earnings. No more blaming others… “If it is to be… it is up to me!” Yesterday’s bureaucratic workplace was a world of entitlement. Someone else (business owner) had to provide everything…I was entitled to opportunity…leads…my salary..etc. That is passe. Today’s world is a world of accountability. Be accountable & you will achieve your most ambitious goals! Cherie Power Coach. Cherie Eilertsen.

YOUR DREAM JOB DOES NOT EXIST

July 5, 2012

True statement! In today’s entrepreneurial environment, where we are part of the results economy, you create your dream job & the income that you desire. You decide on the quality of life that you want, & then you go & fetch the income to match it. How awesome!!!
In the old bureaucratic workplace, your job was created by someone else. You traded time for money, & delivered according to your KPA’s. Cherie Eilersen

PART 2: POWERFUL WAYS TO ADD VALUE TO YOUR BUSINESS: Posted by Cherie Eilertsen

July 2, 2012

5. Spend less time fighting fires and more time growing the value of the business. 

6. Develop a simple, powerful strategy to guide the business to success and take it to the next level. 

7. Put systems in place to improve quality, efficiency, and customer loyalty. 

8. Have a trusted adviser or Business Coach to talk to about the business, including a sounding board for new ideas. 

9. Grow and develop as a leader and business owner. 

10. Prepare the business for sale, and to get the most money possible for it when cashing out. 

The purpose of building your business is to create & build goodwill. If you create goodwill you create a sell-able business. If your business is not sell-able, then you have created a job, rather than an asset.

Posted by Cherie Eilertsen

 

PART 1: POWERFUL WAYS TO ADD VALUE TO YOUR BUSINESS

June 15, 2012

1. As the business owner get “fired up” about the business again, and back in touch with the passion that caused you to start the business in the first place.

 2. Overcome limiting attitudes and beliefs that are keeping the business from growing. 

3. Get a system in place to control the numbers and make improvements in revenue, profits, and cash flow each and every month. 

4. Understand the language of business and how to use that language to make more money. 

5. Spend less time fighting fires and more time growing the value of the business.

Posted by Cherie Eilertsen

ARE MALE OR FEMALE EXECUTIVES MOST LIKELY TO TAKE ADVICE?

June 2, 2012

The authors of a study due out in the journal “Organizational Behavior and Human Decision Process” have come up with some fascinating findings…. 

Here are the findings: 

The study, described in the Wall Street Journal, discovered that employees with more power tended to be more dismissive of ideas from people with less power, regardless of the quality of their ideas. 

According to the study, people with power have inflated levels of confidence in their own judgments, and so they give less credence to even good input from others. The Pointy-Haired Boss in Dilbert is real, and he is us! 

Note that these same individuals were often less accurate in their final decisions than if they had taken some of the advice given by their “inferiors.”

 Best of all — at least in half of the studies conducted — women were more likely than men to be open to others’ advice. (But at least half of you reading this already knew this) 🙂

 These findings are very important for coaches. You can’t coach managers who are not coachable — and it takes skill to create an environment of coachability. You have to know the conversations to have with your clients, and also how to establish yourself as someone who is credible and on equal footing.

Get a business coach today! Posted by Cherie Eilertsen

THE 5 SOURCES OF LEADERSHIP

May 22, 2012

 

THE 5 SOURCES OF LEADERSHIP:

 

by Cherie Power Coach on Tuesday, May 22, 2012 at 10:34pm ·
 

There are basically five sources of leadership, and all of us can tap into them. We can help others tap into their natural sources, too.

 One: Ego.

 You always hear the old cliche, “Keep your ego out of it.” That’s just wrong. I don’t know any executives who don’t have ego. A healthy ego can be a great source of leadership. We all do things for our reasons and motivations, and saying otherwise is simply untrue. A healthy ego also gives us the confidence in ourselves to take on bold initiatives. Of course, we have to avoid the temptations of getting our ego too involved; that’s where problems happen.

Strong leaders have strong ego, and know how to keep their ego in check.

 Two: The Head.

The head is the source of great ideas.

The head is where we process information, make connections, and come up with new ideas that can change ourselves, our organizations, and the world. It is also the source of logic, which enables us to persuade other people that our ideas make sense.

 Three: The Gut.

The gut is a key source of strength, of taking a stand. It is where we negotiate with others to make deals. It is where we set boundaries, raise the bar of performance, and find the courage to act. In Japan, the gut is called the Hara, and has special meaning as the place where we get grounded and stay strong.

 Four: The Heart.

The heart is where we are vulnerable, build relationships based on trust, make amends, ask for help, and involve others in our lives. We call on the heart when we want others to truly commit, and not just be compliant.

 Five: The Spirit.

The spirit is the source of our core values and true character, and where we come up with bold dreams and vision. The great leaders in history were known for their spirit and vision.

 Many leaders are able to tap into one of these five sources, but not all of them. We can help our clients become much more fluid and flexible as leaders, by helping them to tap into all five sources of leadership at the right time, as needed

Cherie Eilertsen

What are the top 27 leadership challenges?

May 18, 2012
Here are the top 27 leadership challenges….

 

1. My people don’t do what I needthem to do. 

2. Our team is not working well together. 

3. My career has hit a plateau

4. I have to lead a huge change initiative and need some guidance and support. 

5. We don’t have enough accountable leaders in our middle management ranks. 

6. I have been told that I have a behavioral blind spot that could derail my career. 

7. My boss/team and I do not click. 

8. We want to develop a strategy, but we don’t agree on how to do it. 

9. We have a strategic plan, but it isn’t being implemented

10. We aren’t innovative enough. 

11. We don’t execute quickly enough. 

12. I can’t seem to get my ideas accepted up, down, and across the organization. 

13. The culture here needs to change

14. I am burning out in my job. 

15. I am wasting time on too many things that are not important. 

16. I am new here and need to learn the culture and politics

17. I need to communicate with more impact

18. I am taking on a new role and want to be sure that I succeed, especially in the first three months. 

19. We need to create a succession plan

20. Our employee turnover is too high. 

21. I am strong functionally and technically, but don’t know how to manage or lead people. 

22. We have cut to the bone, and need to do more with less, and less, and less. 

23. Productivity is low, and this is costing us money. 

24. I want to improve as a leader and am looking for someone who can challenge me to get even better. 

25. We need more collaboration across units. 

26. I need help managing a global workforce, with many cultures and generations. 

27. I need to figure out what’s next for my career, and how to get there

Cherie Eilertsen

 

The Stupid Business: Fifteen Guaranteed Signs That Your Business Will Fail

May 10, 2012

If you have a few minutes now, stop what you are doing, fasten your seatbelt & read this. Hectic stuff! Best advice ever! If you “like” the Cherie Power Coach page on facebook & you will receive great articles regularly.

by Cherie Power Coach on Wednesday, May 9, 2012 at 5:59pm ·

Following is a copy of our most popular article ever. Business owners nationwide and overseas have downloaded and requested reprints, and business people use it successfully to attract clients & reframe their businesses. 

Here is the article: 

The Stupid Business: Fifteen Guaranteed Signs That Your Business Will Fail 

There are smart businesses and stupid businesses.

Smart businesses grow profitably, generate cash flow, increase in value over time, and operate without significant input from the founders. Stupid businesses aren’t set up to do any of these things, and are destined to eventually fail. 

Following are fifteen signs that you might have a stupid business: (with kind permission Andrew Neitlich) 

1. Marketing is not a priority. It is a sad but true fact that the most successful businesses do not always provide the best products or services.

Often, less deserving businesses do better because they make marketing a top priority. If your business isn’t using at least seven different channels to get visible, then it is at risk. 

2. You do not have a detailed cash flow budget and projections. Cash flow and profits are not the same thing, and the number one reason businesses fail – even those with strong potential – is because they run out of cash. It is essential to know how much cash you have, and how much you will need in the near and mid-term. Use a variety of different scenarios to assure enough cash in case of unanticipated problems or delays. 

3. You aren’t developing sources of leverage.

Businesses that last learn to operate without depending on the founders or owners. Smart businesses have standards, systems, and documented processes in place to provide leverage for owners and grow without depending on one or more key people. 

4. You don’t have an “edge” in your marketplace.

If you are a me-too business offering the same service, pricing, and products as everyone else, you won’t last long. You need some sort of edge that matters to your prospects and customers and keeps them coming back. Your advantage can include proprietary technology, product leadership, operational excellence, unique distribution channels, protected sources of labor or supplies, and more. 

5. You provide lousy customer service. No business owner ever admits to providing lousy customer service, and yet too many businesses do just that. It is crucial to understand your customer’s expectations, know the “magic moments” when you can make or break the customer’s experience, measure results, train employees to delight customers, and put in place standards and processes to assure consistent service. 

6. Your business lacks focus. Entrepreneurs love to start new things up, and this can be deadly for cash flow and customer perceptions. Know what you do well, and for whom, and be the best in that niche. Don’t have visions of grandeur. Don’t try to own the whole world. It is expensive to launch new products and enter new markets. For instance, a local boxing gym decided to get into kickboxing and mixed martial arts. They quickly lost their loyal base of boxing clients, without attracting enough new martial arts clients. Fortunately, the owner saw his mistake and regained his focus on boxing. 

7. You don’t have the right people to succeed. Businesses need talent – “the right people in the right seats on the bus” as Jim Collins writes.

If you don’t have systems in place to recruit, train, reward, and retain top talent, your business won’t last as long as it otherwise could. 

8. You spend too much money on things that are unrelated to getting more customers and meeting their needs. Larry Ellison of Oracle used to say, “If you aren’t making it or selling it, what are you doing here?” Prune your business expenses to focus on those activities that add direct value to the customer. For instance, I worked with one business that had huge legal expenses related to contracts, trademarks, and patents. The business ran out of cash because of these costs. It would have been smarter to first test its products, use do-it-yourself legal services, and then spend money protecting its assets after proving market demand. 

9. You don’t set a clear direction that every employee understands and embraces. Many business owners keep their strategy and goals in their head, without communicating clearly to employees.

It is much more powerful to have a dialogue with employees about where you want to take the company, what it can do best, how it can make more money, and resources required to get it there. 

10. Your fixed costs are too high. Constantly find ways to reduce fixed costs. Thanks to technology and the increased acceptance of contract labor, you can have a lean, mean, virtual organization and avoid huge overhead. 

11. Your attitude is wrong. One of the biggest reasons businesses don’t last beyond the life of the original owner is because the owner cared more about ego, status, and maintaining control than on having a successful business. Strong business leaders surrender control to top talent, and place greater emphasis on bottom-line results than on their status or ego. 

12. You don’t live by metrics. The best businesses pick a few key things to measure and constantly improve on those metrics. Examples include:number of leads, conversion rate, dollars spent per transaction, repeat business, and gross profit margin. 

13. Your business fails the five forces test.

Michael Porter devised the five forces model of competitive advantage. If you don’t have lots of control over your vendors or customers, face significant government regulation, work in a highly fragmented industry with lots of competition, and anyone can easily enter your industry, then your business could be set for lots of trouble. 

14. Lots of cash goes out before cash comes in.

If your revenue cycle requires large outflows to generate cash inflows, then you are perpetually at risk of losses. For instance, imagine an event promotion company that needs to put down huge deposits in the hopes that lots of people will come to the event; that is a highly risky business and it is no wonder that so many promotion companies come and go. 

15. You can’t easily predict future revenues.

The best businesses know that $X in marketing will generate $Y in sales, every time. The worst businesses face highly unpredictable revenue streams. To bring back the example of the promotions company, it is extremely difficult to know on a given date whether lots of people will come to an event or not, especially events with large ticket sales the day of a show. Poor weather, competing events, local traffic jams, and shocking news can all ruin an event. 

If your business meets even a few of the above criteria, I wish you the best of luck. You are going to need it.

Cherie Eilertsen